Btec Business Level 3 - D1 Accounting

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

Source 1 is an image that is showing a man in a washroom washing his hands with soap. It can be made out that the man is white and of high social class. It is an advertisement about Pears’ soap and its advances in cleaning purposes. But on the other hand we can read the saying “The White Man’s Burden” which is used to indicate that white men have a responsibility o0f being paternalistic towards the first nations. In this case it is most likely first nations since in the background there are signs of ships and imperialism. The ideological perspective presented in the source is globalization. If there was no competition between the European countries it was most likely that America would have never been found. The links between the principles

The first issue with mobile Phone Repair Service’s cash flow forecast is that it has negative closing and opening balance from march to June and this means that the business has short cash in this time of the year. It also proves that it a seasonal business.

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

The article I have choose to write about for Unit 4 is Skills to use as a Therapist. There are many skills and traits that can help you become a great councilor. Using these skills will help you become better at your job. Number one is having Empathy, having the ability to be attuned to individual's needs, also to help them understand their feelings. Second is having great listening skills. Being able to listen to your clients feelings and being able to reflect them back to them. Try to focus on what they might not be saying to you. So you are able to help them talk about the things that may really be bothering them. Third, having great social and communication skills is very important. You want to be able to communicate

The monthly net cash flow is at -£7,900 for May and -£2,900 for June this is a decrease of -£5,000 and this is decreasing hopefully meaning it will time we will see more positive monthly cash outflows.

The company I have chosen to look at is Primark, the role in this company is a Retail Assistant.

Demonstrating the features of the product does help towards convincing customers of the value of the machine, however, cost must be considered as an important factor because the majority of customers were unable to purchase since it cost over a thousand pounds.

Overview: Canada’s Cleaners Incorporated (CCI) is a dry cleaning company that was established in London, Ontario in 1987. CCI provides a variety of services which include dry cleaning, general pressing, and touch-ups. Its customers consist of 75% women and 25% men, and most of which are white collar workers. The company’s competitive advantage is that they offer a well-pressed shirt with very affordable pricing. The president of CCI, Ron Burdock, is thinking of buying a new shirt machine to replace the company’s 22-year-old shirt machine. He has received an offer of $22000 for his current machine and is in the midst of deciding between three new machines.

Predicting and managing cash flow. To manage cash flow effectively you must keep a watchful eye on finances. So the business owner should be forecasting and revising their cash flow forecast on a daily basis however, if the finances of the business are more stable then forecasting cash flow weekly or monthly is enough. Cash flow is so important to a business because identity’s shortfalls in cash balances in advance.

Because fitness business generally provide service which is very individual. Customers mainly use the gym equipment’s and machines by their own. However, it is possible that a very loyal customer who joining the club for years may get a price as a student even the person is not student. This happened in a situation that a customer named David who joins the M club fitness in years and having a friendly connection with the owner and stuffs and therefore this customer obtains special student price

ML had developed a policy of selling manual machines and renting automatic machines. Manual machines did not cost much, did not require service, and could be modified to attach different fasteners inexpensively. Automatic machines were rented on an annual basis because they would have been more expensive to sell and it provided annual income to ML. However, about 700 of the rented machines were returned each year. During the time that machines were in inventory, ML would modify the machines to attach different fasteners. This was expensive with an average cost per modification of $2000. If all 700 machines were modified during a given year this would have cost $1.4 million per year. It was also industry practice to provide preventative maintenance and

The free cash flow method is used to gauge “a company’s cash flow beyond that necessary to grow at the current rate… [to ensure companies] make capital expenditures to continue to exist and to grow” (Drake, n.d.). Calculation of free cash flows utilizes various components, including a firm’s value, cash flow forecasts, a firm’s capital structure, the cost of capital, and/or discounted cash flows.

Cash Flow Forecasting: Balances Liquidity with Opportunity, Vanguard Cash Flow Forecasting software is an enterprise planning tool that integrates workflow and data systems to deliver fast, accurate cash-flow forecasts.

This is when a customer purchases an item without paying which leads the customer into a debt as it owes the company money. They then take too long to pay back the money which means that the company has sold a product and still haven’t received the payment for it which leads to a cash flow problem as their income reduced and expenditure increases. This is a cash flow problem because businesses go into loss as their inflow reduces and outflow